|Date Requested:January 14, 2011
Time Requested:02:05 PM
| FUND(S) |
Sources of Revenue
Legislation creates:A New Program
Effect this measure will have on costs and revenues of state government.
|The purpose of this legislation is to establish a Creative Communities Developmet Pilot Program . The purpose of this legislation is to create a matching grant program to help develop and enhance communities in West Virginia by developing planning strategies to help them to be more viable and compete for economic investment. No funds currently exist in the Development Office to support this program.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||352,500||352,500|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
Since we are unsure how much the Legislature is going to appropriate to establish the Creative Communities Development Fund , it is difficult for this Office to determine how much it would cost to operate this program. The above estimate is based on $100,000 to pay the per diem and travel costs of the three public board members to attend the the bi-monthly board meetings as the legislation requires. The remaining costs is based on the Development Office hiring three additional staff to operate the program.
|This legislation allows the Board to invest any funds received from the Legislature or other sources and keep the proceeds for Board operations.Normally agencies are not allowed to invest general revenue funds and keep the proceeds. Most of the time interest income on these funds go to general state operations. Not to mention the prohibitions on investing Federal Funds. Also, in our experince it would be extremely difficult for the communities to come up with the required local matching funds. I don't know of any communities in the state with a population less than 5,000 that could come up with $ 200,000.00 in local matching funds for one of these grants. The legislation as written seems to require the local community receiving one of these grants to match the grant dollar for dollar with local,federal or other funds. In kind funds or other state dollars is not allowable source of matchong funds.|